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David Miliband has called the national deficit the biggest argument in British politics—or would have done, had he become Labour leader, according to the now-famous leaked victory speech. The assertion is right, although it undersells the case. Debt and deficits are now the consuming political drama of the developed world. The questions run right through this issue of Prospect.

Could Greece destroy Europe? Yes: the current crisis could cause the eurozone as it now stands…

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